Sta­dium debt creeps down

Kapi-Mana News - - NEWS - By JIM CHIPP

Welling­ton’s re­gional sta­dium might bear the name of West­pac Bank, but it owes its soul to the ANZ Bank.

The cu­ri­ous anom­aly was re­vealed in a Welling­ton Re­gional Coun­cil meet­ing on Novem­ber 7.

Dur­ing dis­cus­sion of the coun­cil’s fi­nan­cial report for the first three months of the year, coun­cil­lor San­dra Greig asked when the sta­dium debt would be paid off.

It emerged that the debt was in fact with ANZ, rather than West­pac, which owns nam­ing rights.

For the record, the sta­dium opened in 2000 and the orig­i­nal loan was $18,528,000. It had been re­duced to $11,528,355 by the end of Septem­ber and was sched­uled to be fully re­paid in 2018.

The report showed the coun­cil had run at a sur­plus of $1.5 mil­lion for July to Septem­ber, although it had bud­geted for a $1.4 mil­lion deficit.

Those fig­ures ex­clude pub­lic trans­port, cap­i­tal projects and re-val­u­a­tions.

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